The underlying value has been spoken for a long time ago. The derivatives are the bets being placed on the performance of that (remaining) underlying value. K

The underlying value has been spoken for a long time ago. The derivatives are the bets being placed on the performance of that (remaining) underlying value. Kind of like private gamblers on a horse race putting up more money amongst themselves than the entire prize package for the actual participants in the race. These are two completely separate groups anyway. It could be worse, it could be a rat race. Oh, wait . . .